- SZC released Q2 2022 results with revenue increasing 17% YoY to VND263bn (USD11mn) while its NPAT-MI plunged 44% YoY to VND61bn (USD2.7mn). The divergence between the top and bottom lines was mainly due to a GPM contraction of 32 ppts YoY, which we believe was mainly derived from an upward revision in development costs for the Chau Duc IP.

- Compared to Q1 2022, Q2 2022 revenue declined 5.3% QoQ and NPAT-MI dropped 19% QoQ, which was mainly due to a ~5.9x QoQ surge in financial expenses. 

- In H1 2022, revenue surged 34% YoY to VND540bn (USD23mn), but NPAT-MI plunged 28% YoY to VND136bn (USD5.9mn), representing 45% and 43% our full-year forecasts, respectively. We anticipate no major risks to our forecasts for SZC as we expect the Huu Phuoc residential project to be delivered in H2 2022, pending a more extensive review.

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